Meat processing is one among of the major industries in Canada. As per the reports given by the researchers, it is found that there might be an increase of 10% on the pricing of meat next year.
As per the forecast from the researchers at the University of Guelph, there might be an increase on retail prices for beef and pork much more than any other food group.
According to the data, in 2012, there was only 1% increase on the overall price of food in Canada .In 2012, since the price of meat and eggs were increased, to counterbalance, the prices for fresh vegetables were declined. As per the reports, due to the entrance of target caused retailers like Wal-Mart, there is decrease in the prices of overall food in Canada.
The reports say that, there could be bigger price hikes for meat and eggs. In 2012, due to the price hike of cattle feed, the ranchers slaughtered their herds earlier so that they don’t have to spend as much on feeding them which in-turn created a low supply of beef and hit the retail prices. Because of similar supply issues, even the pork prices might increase between 8 to 10 percent this year.
According to the reports from the reporters of CBC news, one of the biggest factors affecting food prices this year was due to the massive drought through the summer in US Midwest.
The report also forecasts that there would be a higher usage of food bank which includes dairy and bread, if there is an increase in price for meat.